STANDARD TERMS AND CONDITIONS OF SALE OF MARINE FUEL BY BRIDGE OIL LTD.

1ST December 2010

Except as may otherwise be negotiated by the parties and agreed to in writing, the following terms and conditions shall apply to all sales of marine bunker fuels and related products of whatever type or grade by Bridge Oil Ltd. to any Buyer as defined below: ARTICLE 1 DEFINITIONS

1.1 In this document the following terms shall have the following meanings: Bunker Confirmation means a confirmation in writing from the Seller to the Buyer setting forth the particular terms of each sale of Bunker Fuel. means the Bunker Confirmation and the Standard Terms. means marine bunker fuel and related products of whatever type or grade delivered by the Seller. means the Buyer under each Bunker Contract, including the entity or entities named in the Bunker Confirmation, together with the Vessel, her master, owners, operators, charterers, any party benefitting from consuming the Bunker Fuel, and any other party ordering the Bunker Fuel, all of whom shall be jointly and severally liable as Buyer under each Bunker Contract. means these terms and conditions in force as of December 1st 2010 and any subsequent amendments thereto. means Bridge Oil Ltd with Registered Number 120212 and registered address at Boundary Hall, Cricket Square, P.O. Box 1111, Grand Cayman, KY1-1102, Cayman Islands, BWI, acting through any of its agents :1) KPI Bridge Oil London Ltd 36 Broadway, London, SW1H 0BH 2) KPI Bridge Oil Singapore Pte Ltd 1 Raffles Place #4102, OUB Centre, Singapore 048616, Singapore. 3) KPI Bridge Oil Denizcilik ve Ticaret Ltd Sirketi Prof. Dr. Bulent Tarcan Cad., Vefa Bayiri Sok, Gayrettepe Is Merkezi 4 C Blok Kat 7 Daire 9, Fulya Mahallesi, 39394 Sisli, Istanbul, Turkey. means the Vessel to which a delivery of Bunker Fuel is made and/or onboard which it is consumed, which shall include any on-shore tank, rig, or other unit or installation supplied by the Seller.

Bunker Contract Bunker Fuel

Buyer

Standard Terms

Seller

Vessel

ARTICLE 2

PRICE

2.1 The price for delivery of Bunker Fuel sold hereunder shall be agreed upon by Buyer and Seller. Buyer shall, in addition to the price, pay all applicable duties, taxes and other such costs including, without limitation, those imposed by governmental authorities, and barging and other delivery charges.

ARTICLE 3

NOMINATION AND DELIVERIES

3.1 Each sale of Bunker Fuel shall be confirmed by a Bunker Confirmation. The Bunker Confirmation shall incorporate the Standard Terms by reference and the Bunker Confirmation and the Standard Terms together constitute the complete Bunker Contract. The Bunker Contract shall supersede any conflicting terms of other contracts which the Buyer may seek to enforce against the Seller. In particular, any terms not directly aimed at bunker sales transactions may not be enforced against the Seller to the effect they contravene the Bunker Contract. 3.2 The Bunker Fuel order shall be considered firm and binding upon Buyer's acceptance of price, quoted by Seller. Confirmation in writing by Seller of price may be provided to Buyer, but the absence of such confirmation shall not void the agreement of sale. 3.3 Buyer will give Seller at least three (3) working days prior written notice of the delivery desired, specifying the vessel, the estimated date of arrival, location and method of delivery, and the grade and quantity of Bunker Fuel requested. 3.4 Buyer will give Seller's local representative at the delivery port at least thirty six (36) working hours advanced notice of delivery details, excluding Sundays and Holidays. 3.5 Where delivery is required outside normal working hours and is permitted by applicable regulations, Buyer will pay all overtime and extra expenses incurred. 3.6 Buyer will make all connections and disconnections of the delivery hose and will render all other necessary assistance and equipment to receive deliveries. 3.7 Where lightering/barging is employed, lightering/barging charges shall be for the account of Buyer. If Buyer fails to take delivery, in whole or in part, of the quantities nominated, Buyer shall be responsible for any costs resulting from Buyer's failure to take full delivery, as well as for any losses incurred by Seller to downgrade and/or pump back of the fuel. 3.8 Buyer will be liable for all demurrage or additional expenses incurred by Seller if Buyer causes delays to Suppliers' facilities in effecting delivery. Buyer will also pay for mooring, unmooring and port dues incurred. In addition Buyer will be liable for any expenses incurred by Seller resulting from Buyer's failure to take delivery of the full quantity of Bunker Fuels agreed to by Buyer including but not limited to any loss on the resale of the Bunker Fuels and the Buyer shall bear the risk of the return transport, demurrage on the barge or trucks, storage or selling of the Bunker Fuels. 3.9 Buyer shall indemnify and hold harmless Seller against all damage and liabilities arising from any acts or omissions of Buyer or its servants, ship's officers or crew in connection with the delivery of the fuel under this agreement. 3.10 If Buyer cancels the nomination for any reason whatsoever any charges incurred are for Buyer's account.

3.11 Seller will not be liable for any demurrage or loss incurred by Buyer due to congestion affecting Suppliers' delivery facilities, prior commitments of available barges or to any other delay in delivery. ARTICLE 4 QUALITY

4.1 Buyer shall have the sole responsibility for the selection of the proper grades of Bunker Fuels for use in the vessel being supplied and the Seller shall not be under any obligation to check whether the grade of Bunker Fuels is suitable for the Vessel. The Bunker Fuels shall be of the same quality generally offered for sale at the time and place of delivery, for the grade of Bunker Fuels ordered by the Buyer. 4.2 Buyer at its own expense has the right to have its representatives present to inspect the Bunker Fuel to be delivered hereunder before it is pumped aboard the vessel being supplied. Any such inspection must not delay delivery and must take place in the presence of a representative of the Seller. 4.3 The Buyer shall be responsible to keep the delivered Bunker Fuel segregated from any Bunker Fuel(s) onboard the Vessel or from a different delivery to the Vessel. In no event shall the Seller be responsible for the quality and compatibility of the Bunker Fuel delivered if the Sellers product is mixed or comingled with any other product(s) onboard the receiving Vessel. The Buyer shall be solely responsible for any losses caused by mixing or comingling the Bunker Fuel with any other oil, including any damage the Bunker Fuel may cause on other products on board the receiving Vessel. ARTICLE 5 QUANTITY

5.1 The quantity of Bunker Fuel delivered shall be determined from gauges/ullages of the barge or truck effecting delivery or by gauging/ullages of shore tank if delivery is by pipeline. Buyer has the right to have its representatives present during measurements, but determination of quantity shall be made solely by Seller, and will be conclusive. ARTICLE 6 SAMPLING

6.1 The Seller or its representatives shall arrange for samples to be drawn at the time of delivery of the Bunker Fuel. Unless otherwise agreed between the Seller and Buyer prior to entering into the Bunker Contract, the samples shall be drawn from a point and in a manner chosen by the Seller or its representatives in accordance with the customary sampling procedures at the port or place of delivery of the Bunker Fuel 6.2 The sampling mentioned in paragraph 6.1 shall be performed in the presence of the Seller or its representatives and the Buyer or its representatives, but the absence of the Buyer or its representatives during all or any part of the sampling process shall not prejudice the validity of the samples. 6.3 On completion of sampling, all samples drawn by the Seller or its representatives are to be sealed, labelled and signed by both Seller or its representatives and Buyer or its representatives. Two samples shall be retained by the Buyer or its representatives, one of these shall be the MARPOL compliant sample. The remaining samples shall be retained by the Seller or its representatives. 6.4 In the event of a dispute concerning the quality of the Bunker Fuel, the results of analysis of the Sellers or its representatives drawn samples performed by an independent laboratory mutually appointed by the Buyer and Seller shall be conclusive to determine the quality of the

Bunker Fuel supplied. Analysis results of the Sellers or its representatives drawn samples will be the sole binding evidence for the quality of the Bunker Fuel supplied to the Vessel. 6.5 If the Seller and the Buyer cannot agree on an independent laboratory to perform mutual analysis or if the Buyer fails to reply to the Sellers notice hereof within 7 (seven) days from receipt of such notice, the Seller can at its sole discretion decide which laboratory to perform the analysis, which shall be final and binding for all parties involved. ARTICLE 7 RISK AND TITLE

7.1 Risk in the Bunker Fuel, including loss, damage, deterioration, evaporation, or any other condition or incidents related thereto shall pass to the Buyer as the Bunker Fuel passes the fixed bunker connections on the delivering vessel or truck. The buyer warrants that representatives from the Vessel shall be responsible for ensuring that the Bunker Fuel is received in a safe way. 7.2 Title in the Bunker Fuel shall remain with the Seller until the Buyer has paid for the Bunker Fuel in full. Until that time, the Buyer shall hold the Bunker Fuel as bailee, store it in such a way that it can be identified as the Seller's property and keep it separate from Buyer's own property and the property of any other person. In the event that the Buyer fails to make payment in accordance with Article 8, the Seller has the right to demand immediate return of the Bunker Fuel and any party other than the Buyer who consumes the Bunker Fuel shall be liable to the Seller in conversion. ARTICLE 8 PAYMENT

8.1 Payment shall be made by the Buyer in U.S. Dollars, unless otherwise agreed at the time of the issuing of the Bunker confirmation, without discount upon receipt by Buyer of written, telefax, e-mail or other electronic delivery methods advice of the delivery details and amounts due in lieu of delivery documents. Delivery documents may be provided to Buyer at its request, but payment shall not be conditioned upon Buyer's receipt of such documents. Subsequent adjustments, if any, will be made upon receipt by Seller of the Bunker Fuel delivery note. Unless otherwise agreed, the final volume stated in Sellers or its representatives delivery documentation is to be considered final in respect of the quantity to be invoiced. 8.2 If not otherwise specifically agreed between Buyer and Seller at time of ordering, the confirmed costs including possible additional extra costs are only valid for delivery performed to the Vessel on the agreed and confirmed delivery date(s). Should the date(s) of delivery for any reason change, the Seller is entitled to change the price. In the event that any Invoice is not paid in due time, the Seller shall be entitled, at its sole discretion, to specify any particular Invoice or part thereof to which any subsequent payment(s) shall be applied, including, but not limited to, payment covering interest charges, legal fees and other charges. Moreover, the Buyer shall indemnify the Seller against any loss which is caused by adverse currency fluctuations between the Invoice currency and the value of the US Dollar from the latest due date of the Invoice until the date on which payment is made. 8.3 Payment shall be made by telegraphic transfer of funds to a bank designated by Seller net of any bank charges. 8.4 Unless a longer or shorter period is set out in the Bunker Confirmation, payment is to be received by Seller within a period of 30 days from the date of delivery. For payment past due, a service charge shall accrue to Seller at the rate of 2% per month, compounded monthly, from the date payment was due to the date of payment. Whenever a due date falls on a Saturday, Sunday or bank holiday in the city of New York, payment shall be made on the last preceding working day.

8.5 Notwithstanding any agreement to the contrary, payment will be due immediately and the Seller shall be entitled to cancel all outstanding stems and/or withhold future deliveries in case of: (i) bankruptcy, liquidation or suspension of payment or comparable situation of the Buyer, (ii) arrest of assets of the Buyer including, but not limited to, the Vessel (iii) liquidation/bankruptcy or any other changed financial or legal position of the parent company, sister companies or affiliated companies to the Buyer which in the sole discretion of the Seller is deemed to adversely affect the financial position of the Buyer (iv) if the Buyer fails to pay any invoice to the Seller at the time of maturity set forth in such invoice, (v) if the Buyer fails to comply with any other obligation pursuant to the Bunker Contract, including, but not limited to, the Buyers failure to take delivery of Bunker Fuels in full or in part, or (vi) in case of any other situation, which in the sole discretion of the Seller is deemed to adversely affect the financial position of the Buyer. In any of the foregoing situations the Seller shall have the option to either (a) cancel the Bunker Contract, (b) to store the Bunker Fuel in full or in part for the Buyers account and risk, (c) to demand that the Buyer complies with its obligations pursuant to the Bunker Contract or (d) to make use of any other remedy available under the law. 8.6 Sales shall be made on the credit of the receiving vessel, as well as on the credit of the Buyer, and the amount due on the purchase price, together with all delivery and other charges forming part of the agreement of sale, shall become a maritime lien against the vessel immediately upon delivery. 8.7 Any notice or any stamp in the Bunker Delivery Receipt or similar cannot waive the Sellers maritime lien on the Vessel. 8.8 Should the Bunker Fuel be purchased by a manager, broker or agent then such manager, broker or agent as well as the Buyer shall be bound by and liable for all obligations as fully and completely as if they were themselves the Buyer whether such principal be disclosed or undisclosed and whether or not such manager, broker or agent purports to contract as manager, broker or agent only. Furthermore, delivery shall always take place for the account of the registered owners and for the account of the current charterers all of whom shall be jointly and severally liable for the payment of the delivery as Buyers. The Buyer warrants that it is authorized as agent to order the Bunker Fuel for delivery to the Vessel, and that the Seller has a lien on the Vessel for its claim. ARTICLE 9 ARREST OF VESSEL 9.1 The Bunker Fuel supplied to the Vessel is sold and delivered on the credit of the Vessel, as well as on the promise of the Buyer to pay therefore, and the Buyer agrees and warrants that the Seller shall have and may assert a maritime lien against the Vessel and may take such other action or procedure against the Vessel and any other vessel or asset beneficially owned or controlled by the Buyer, for the amount due for the Bunker Fuel and the delivery thereof. The Seller is entitled to rely on any provisions of law of the flag state of the Vessel, the place of delivery or where the Vessel is found and shall, among other things, enjoy full benefit of local rules granting the Seller maritime lien on the Vessel and/or providing for the right to arrest the Vessel. Nothing in the Bunker Contract shall be construed to limit the rights or legal remedies that the Seller may enjoy against the Vessel or the Buyer in any jurisdiction.

ARTICLE 10 CLAIMS 10.1 The quantity of Bunker Fuel delivered shall be determined in accordance with Article 5.1. Any claim regarding the quantity of the Bunker Fuel delivered shall be notified verbally as well as in writing by the Buyer or the master of the Vessel to the Seller as soon as practicable at the conclusion of the delivery of the Bunker Fuels while the delivery hoses are still connected. In any event if written notice is not made within 24 hours of delivery, such claim shall be deemed to be waived and barred. A notification inserted in the Bunker Delivery Note or in a separate protest handed to the physical supplier of the Bunker Fuel shall not qualify as notice under this section 10.1 and the Seller shall under no circumstances be deemed to have accepted such notice or protest handed to the physical supplier. 10.2 Quantity Claims can be avoided by ensuring proper Pre-delivery and Post-delivery checking by the duty Officer of the Vessel or any other senior representative of the Customer ("the Procedures"). The delivery must be supervised at all times, and documentations be checked to ensure complete and accurate, with signings and stampings. Any discrepancies must be indicated on the Bunker Delivery Note. Failure in proper Documentations and/or Procedures will not substantiate a Claim. The Seller will not hesitate to reject Claims whereby these Procedures are not followed. For the avoidance of doubt, the Seller will not accept a Claim for short delivery based on figures obtained by measuring Bunker Fuel in the Vessels tanks. 10.3 Any claim regarding the quality of the Bunker Fuel delivered shall be presented in writing to the Seller as soon as an alleged quality problem has occurred or the Buyer is notified of any alleged problem and in any event no later than within 14 (fourteen) days from the date of delivery to the Vessel. Should the Buyer fail to make timely notification of any claim regarding the quality of the Bunker Fuel the claim shall be deemed waived and barred. 10.4 In the event of any claim presented in accordance with Section 10.1 and 10.3, the Buyer shall: Cooperate with the Seller and make all necessary arrangements for the Seller or its representatives to investigate such claim, including but not limited to the boarding and inspection of the Vessel, the interviewing of crew and the review and copying of Vessel documents. Take all reasonable steps and actions to mitigate any damages, losses, costs and expenses related to any claim of alleged off-specification or defective Bunker Fuel. If the Bunker Fuel deviates from specifications, the Buyer shall use all reasonable endeavours to mitigate the consequences hereof and shall burn the Bunker Fuel if possible even if this requires employment of purification tools or other similar measures. Take all reasonable steps to preserve the Seller's recourse against the physical supplier of the Bunker Fuel or any culpable third party. 10.5 A breach by the Buyer of any part of Article 10.4 above will entitle the Seller to set off losses caused by the breach against any liability to the Buyer. 10.6 Any claims against the Seller in respect of this contract shall be brought before the relevant court or arbitral tribunal in accordance with Article 18/19 within 6 (six) months of the date of delivery of the Bunker Fuel, failing which such claims shall be deemed waived time barred. 10.7 Buyer's submission of any claim does not relieve it of responsibility to make full payments as required under Article 8 and Buyer shall not be entitled to set off any claim from payment.

ARTICLE 11

LIABILITY

11.1 The Sellers liability for any whatsoever, however arising under the Contract whether caused by negligence or not, whether based in tort or contract shall be limited to the value of the Bunkers Fuel as set out in the Invoice. 11.2 The Seller shall under no circumstances be liable for any consequential losses whatsoever, including, without limitation, delay, detention, demurrage, charter hire, crew wages, pilotage, towage, port charges, loss of profits or increased cost or expenses for obtaining replacement fuel. 11.3 Any liability for damage to the Vessel shall in any event be reduced by 20 (twenty) percent of the invoice value of spare parts for each year or fraction thereof in which the replaced part has been in use. 11.4 The Buyer undertakes to indemnify the Seller against any claims, losses or costs of whatever kind related to the Bunker Contract instituted by third parties against the Seller to the extent such claims exceeds the Sellers liability towards the Buyer according to section 11.1 ARTICLE 12 TAXES

12.1 All prices are excluding VAT and/or taxes unless otherwise agreed as stated in section 2.1. The seller is entitled, at any time, to charge additional VAT and/or taxes if incurred from local authorities. Buyer shall pay Seller the amount of all excise duties, VAT, GST, gross receipts, imports, motorfuel, superfund, spill taxes, and all other applicable taxes. ARTICLE 13 FORCE MAJEURE

13.1 The Seller shall not be liable for any loss or damage of whatever nature resulting from any delay or failure in performance under the Bunker Contract: (i) caused by any circumstance beyond the Sellers direct control, or (ii) if the supply or source of the Bunker Fuel from any facility of production, distribution, storage, transportation or delivery contemplated or intended by the Sellers supplier is disrupted, unavailable or inadequate due to war or war-like situations, riots, strikes, congestion, governmental order or intervention, unavailability of barges or other means of transport or stem, weather, act of God, changed market conditions, or similar situations. 13.2 In the event of a failure of performance as provided in Section 13.1, the Seller may, but is under no obligation, to source, procure or obtain alternative Bunker Fuel or product, and in such case the Seller shall be entitled to receive from the Buyer payment of any additional costs of performance. 13.3 The Buyer shall have no right of cancellation of the Bunker Contract due to Force Majeure as stated in Section 13.1. ARTICLE 14. INDEMNITY

14.1 Buyer shall indemnify and hold harmless Seller from and against all claims, damages, losses and expenses, including attorney fees, arising out of, or resulting from performance of the providing of Bunker Fuel under the Bunker Contract, including claims, damages, losses, penalties or expenses under any statue, regulation or ordinance or damage to property or injury or death of any person arising out of or in any way connected with the fault of the Buyer or its agents as servants in receiving, using, storing or transporting the fuel delivered hereunder.

ARTICLE 15

COLLECTION AND INDEMNITY

15.1 The Buyer agrees to pay any and all expenses, legal fees and court costs incurred by the Seller (i) to collect and obtain payment of any amount due to the Seller, including but not limited to legal fees and court costs associated with enforcing a maritime lien, attachment, right of arrest, or other available remedy in law, equity or otherwise; and (ii) to recover any damages or losses suffered by the Seller as a result of any Breach by the Buyer of any provision of the Bunker Contract. ARTICLE 16 SAFETY

16.1 It shall be the sole responsibility of the Buyer to ensure that the Vessel, its crew and those responsible for its operation and management observe and comply with all health, safety and environmental laws and regulations with regard to the receipt, handling and use of the Bunker Fuel. ARTICLE 17 ENVIRONMENTAL PROTECTION

17.1 In the event of a spill or discharge, before, during or after supplying the Bunker Fuel, Buyer and the vessel shall, at their own expense, immediately take whatever action is necessary to give prompt notice to the official bodies and to effect cleanup. Failing prompt action, Buyer and the vessel authorize Seller to conduct and/or contract for such cleanup at Buyer's and vessel's expense. Buyer warrants that the vessel supplied is in compliance with all national, state and local statutes, regulations and ordinances, including those requiring proof of financial ability in regard to spills or discharges of oil. Buyer shall hold Seller harmless as to any delays, claims, losses, expenses or penalties arising from breach by Buyer of this warranty, including attorney fees. ARTICLE 18 GOVERNING LAW

18.1 This Agreement shall be governed and construed by the laws of England and Wales. ARTICLE 19 JURISDICTION

19.1 Any and all differences or disputes arising out of or related to the quantity or quality of fuel delivered or to be delivered hereunder shall be to referred to Arbitration before the London Maritime Arbitration Association ("LMAA") subject to the LMAA Rules currently in force at the time of the dispute. The arbitration Tribunal shall consist of three arbitrators, one arbitrator to be appointed by the Seller, one by the Buyer and one by the two so chosen. 19.2 All other disputes between the Buyer and Seller not arising out of or in relation to the quantity or quality of fuel shall be determined, at the sole election of the Seller, to the nonexclusive jurisdiction of the High Court of England and Wales. ARTICLE 20 SECURITY 20.1 Notwithstanding the provisions of Article 18 and 19, the Seller shall be entitled to avail itself of any and all remedies under maritime law to obtain security for its claims against the vessel, her owners, its agents, managers, servants, buyers and/or charterers including but not limited to vessel arrest and attachment procedures. Where the Seller elects to take such action the Seller has the option to submit to the jurisdiction of the Court where security is obtained and to the laws of that jurisdiction.

ARTICLE 21

DISCLAIMER OF WARRANTIES

21.1 Any implied warranties, including the warranties of merchantability and fitness for a particular purpose are expressly excluded and disclaimed. ARTICLE 22 MISCELLANEOUS

22.1 If any part of this agreement is declared invalid, it shall not affect the validity of the remainder of the agreement or any part thereof. 22.2 These terms and conditions shall be effective as of December 1st 2010 at 00:01 hours GMT and shall apply to any Bunker Contracts concluded after this time. ARTICLE 23 Section Headings

23.1 The headings of each section herein are descriptive only, and are provided for organisational purposes. END OF STANDARD TERMS AND CONDITIONS OF SALE.